hey Grizz~
dow futures down 95 points, nas and s&p down too
nice link Grizz!
looks like a stormy open
I've been buying too, gobbling up long term stuff
Piloto Loco? are you racing planes now?
here's the warm up:
NEW YORK, April 24 (Reuters) - U.S. stocks are seen opening lower on Monday after reports of a possible effort by the U.S. federal and state governments to ask a court to break up Microsoft Corp. (NasdaqNM:MSFT - news), the world's largest software maker, along product lines.
Two newspapers reported the Justice Department and 19 states are leaning toward asking a court to split up Microsoft in a plan designed to control what the U.S. government has found to be the software giant's monopoly power.
The Standard & Poor's 500 index future for June lost 10.70 points to 1,436.50 while the Nasdaq 100 futures index was off 10 points at 3,425.
``The Microsoft news, if it is accurate, is certainly going to weigh on things,' said Thom Brown, managing director of Rutherford Brown and Catherwood. ``It will put the tech group under pressure. If the tech group is under heavy pressure, it is not likely that the rest of the market is going to avoid it.'
The Washington Post and USA Today, each quoting sources familiar with the Microsoft case, published separate accounts about the proposed solution to the federal antitrust case against the company.
Microsoft has vowed to appeal the April 3 verdict that it broke federal antitrust law and the Post quoted a spokesman as saying on Sunday that a breakup remedy would go too far. Its stock is a component of both the Dow Jones industrial average (^DJI - news) and the Nasdaq composite index (^IXIC - news).
``The fact that Microsoft is a component of the Dow and the Nasdaq and has a great influence on both sets us up for a setback,' said Larry Wachtel of Prudential Securities. ``The snap back in stocks last week was OK but it was no cigar. I think we are going to have a weakish opening on the Nasdaq. It is going to be a tough day.'
Microsoft was trading at 71 in pre-market activity after closing at 78-15/16 on Thursday.
Wall Street was awaiting more news on corporate profits, which have been strong in this first quarter, with financial services giant American Express Co (NYSE:AXP - news) and drugmaker Merck and Co. Inc. (NYSE:MRK - news) the Dow components reporting on Monday.
Technology stocks lost ground on Thursday -- the last trading session before the three-day Easter holiday weekend -- as investors rotated into blue chip names.
The Dow Jones industrial average (^DJI - news) ended up 169.09 points, or 1.58 percent, at 10,844.05.
Fast food chain McDonald's Corp. (NYSE:MCD - news), Wal-Mart Stores Inc. (NYSE:WMT - news) and American Express led the blue-chip gauge higher to offset weakness in tech giants Intel Corp. (NasdaqNM:INTC - news) and Microsoft.
The tech-stacked Nasdaq composite index (^IXIC - news) fell 1.69 percent, or 62.53 points to 3,643.88.
The Standard & Poor's 500 index (^SPX - news) ended up 7.07 points, or 0.50 percent, at 1,434.54.
In early trading, the 10-year U.S. Treasury note's price was unchanged and yielding 6.0 percent. The U.S. Treasury 30-year bond was up 10/32 to yield 5.83 percent compared with Thursday's close of 5.83 percent.
The Wall Street Journal's ``Heard on the Street' column said some companies are asking the Wall Street firms underwriting their stock offerings to work harder for their pay.
Diversified energy company Entergy Corp (NYSE:ETR - news) and closely held Koch Industries Inc. plan to jointly form an energy-marketing and trading company, the Wall Street Journal reported in its online edition on Monday. Entergy closed at 23-5/16 on Thursday.
The regulatory arm of the National Association of Securities Dealers is investigating Bank One Corp.'s (NYSE:ONE - news) investment-banking unit for possible violations related to systems integration problems after the merger of the old Banc One Corp. and First Chicago NBD Corp., the Wall Street Journal said on Friday. Bank One closed up 11/16 at 31-7/16. |
